Funding arb · Price arb /

TSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.012%

Price spread now: Orderly against tradeXYZ+0.126%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on tradeXYZ Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdroptradeXYZ: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.126% dearer against tradeXYZ than usual: you sell high and buy low: +$13 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:TSM	443.49	0.0050	pay 0.0006% / 1h	14m 49s	$10.2M	$2.3M	10x
Short	Orderly PERP_TSM_USDC_mythos	444.05	0.0100	get 0.0100% / 8h	6h 14m	$21	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against tradeXYZ. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee tradeXYZbpFee OrderlybpOrdersPrice spread, now +0.126%Rate

Funding earned: $10.5
Price spread: +0.126% → 0.000%: $12.63
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$0.87
Costs to cover: 0.240%
Break-even: 7.6 days

Slippage unknown: tradeXYZ: live order book, 4 min ago; Orderly: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy tradeXYZ live order book, 4 min ago	0.90 bp	12.7 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

TSM on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TSMUSDT	0.0000%	8h	444.16	+0.150%	$82K	$1K	20x	as long as short
Bybit TSMUSDT	0.0000%	8h	443.74	+0.056%	$2.0M	$387K	50x	as long as short
OKX TSM-USDT-SWAP	0.0000%	8h	443.91	+0.095%	$4.0M	$2.4M	20x	as long as short
Gate TSM_USDT	0.0000%	8h	443.90	+0.092%	$1.7M	$986K	100x	as long as short
Bitget TSMUSDT	0.0000%	8h	444.43	+0.212%	$1.7M	$1.4M	20x	as long as short
Variational Omni TSM	0.0000%	8h	444.23	+0.166%	$550K	$82K	—	as long as short
SunX TSM-USDT	0.0000%	8h	444.11	+0.140%	$2K	$4.5M	10x	as long as short
HTX TSM-USDT	0.0000%	8h	444.16	+0.151%	$9K	$9K	20x	as long as short
Phemex TSMUSDT	0.0000%	8h	444.17	+0.153%	$1.5M	$445K	10x	as long as short
Coinbase International TSM-PERP-INTX	+0.0016%	1h	444.30	+0.183%	$371K	$105K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance TSMUSDT	+0.0021%	8h	444.11	+0.139%	$13.0M	$6.8M	20x	as long as short
Extended TSM-USD	+0.0024%	1h	444.01	+0.116%	$4K	$197K	10x	as long as short
Lighter RH TSM	+0.0032%	1h	443.94	+0.101%	$229K	$637K	10x	as long as short
Vest TSM-USD-PERP	+0.0046%	1h	443.64	+0.034%	—	$583	25x	as long as short
tradeXYZ xyz:TSMlong	+0.0050%	1h	443.49	long leg	$10.2M	$2.3M	10x
Polymarket Perps TSM-USD	+0.0050%	1h	443.82	+0.074%	$197K	$48K	10x	as long as short
SoDEX TSM-USD	+0.0050%	1h	443.60	+0.025%	$138	$3K	10x	as long as short
Ondo Perps TSM-USD.P	+0.0050%	1h	443.75	+0.059%	$160K	$24K	10x	as long as short
KuCoin TSMUSDTM	+0.0100%	8h	443.71	+0.050%	$269K	$316K	20x	as long as short
Orderly PERP_TSM_USDC_mythosshort	+0.0100%	8h	444.05	+0.126%	$21	—	10x
Aevo TSM-PERP	+0.0104%	1h	443.97	+0.108%	$124	—	10x	as long as short
GRVT TSM_USDT_Perp	+0.0140%	8h	444.34	+0.192%	$9K	$1.1M	10x	as long as short
Phoenix TSM	+0.0179%	1h	444.14	+0.147%	$216K	$5K	10x	as long as short
Injective TSM/USDC PERP	+0.0220%	1h	449.49	+1.353%	$7K	$38K	12x	as long as short
edgeX TSMUSDC	+0.0348%	4h	444.28	+0.177%	$48K	$216K	10x	as long as short
Lighter TSM	+0.0384%	1h	444.53	+0.235%	$502K	$170K	10x	as long as short
Deribit TSM_USDC-PERPETUAL	+0.0832%	1h	443.94	+0.101%	$98	$24K	10x	as long as short